Give your Family the Home Advantage
From millennials to baby boomers, homeownership has become one of the most commonly pursued goals. People desire to own a home as it gives them a sense of permanence, security and the incomparable feeling of having a place they can call their own. If you’re considering homeownership but haven’t yet made up your mind, here’s something that will help you get a little closer to it. Let’s take a look at the benefits that you and your family will receive, when you achieve the milestone of homeownership:
Improved academic performance
A report from the National Association of Realtors (NAR) observes that homeownership significantly contributes to the academic excellence of children. As homeowners tend to move less, children get a continuity in education, which enables their children to perform better. Another study published in The American Journal of Economics and Sociology reveals that homeownership provides for a better quality of life and a supportive environment, which further enhances the outcome of educational efforts put in by children. In fact, researchers suggest that policy makers at the national level should promote homeownership as part of strategies that seek to improve education.
Enhanced community building
Homeowners have a much larger financial stake in their homes, when compared to renters. This is why they are actively involved in home maintenance, community building, social activities and more. This deeper involvement leads to neighbors having better social ties with each other. It creates a ‘we’ feeling among them and paves the way for a united effort towards enhancing the neighborhood. This sense of belonging to the neighborhood comes alive especially when homeowners contribute to places of religious interests such as mosques, Islamic centers and faith associations.Therefore, one can say that homeowners care and take action to make neighborhoods into better places to reside.
Better involvement with family
Besides being involved in community building activities, homeowners are more connected to their own families. Taking part in parent-teacher organizations, book clubs, becoming scout leaders are some of the activities that homeowners are active in. The NAR report observes that homeownership and financial stability are key factors that help parents to participate in these activities to provide their children with a positive parenting experience.
Better health & safety amenities
A study by the American Planning Association, found that homeowners are happier and healthier than non-homeowners. They attributed this to a higher level of satisfaction, higher self-esteem and perceived control over life that comes with homeownership.
Earlier, we saw that homeowners involve actively in maintaining their homes. The proper maintenance of amenities and environment in and around the home, goes a long way in eliminating health hazards. Besides keeping their homes clean and healthy, homeowners take the required efforts to keep the slightest instance of crime away from their communities. They regularly participate in voluntary crime prevention programs that contribute to building more stable communities and reducing crime rates.
Contribution to Economy
The role played by homeownership in wealth creation cannot be understated. NAR points out that a homeowner’s net worth is 45 times more than that of a non-owner. Additionally, during a financial crunch, homeowners are less likely to apply for public assistance due to their access to home equity.
Besides this, by becoming a homeowner, a person contributes to the economy by generating jobs in remodeling, landscaping, lawn and pool service, home improvement, real estate services and other contract services in the neighborhood.
It provides a freedom that can’t be expected while renting. By planning carefully and finding the right home, one can enjoy all of the benefits homeownership has to offer. However, for Muslim-Americans, the prohibition on paying riba, prevents them from purchasing a home through the conventional mortgage. At Guidance Residential, we offer Islamic mortgages, which comply with the principles of Shariah, to help Muslim-American families enjoy all of these benefits of homeownership. Want to know where to begin? Click here!